Fennovoima proposes investment decision for Rosatom nuclear power plant to its owners

Finnish nuclear power company Fennovoima and Rusatom Overseas, subsidiary of Russian Rosatom, have agreed on a proposal aiming at making an investment decision and signing a power plant supply contract by the end of 2013.

As a result of negotiations Fennovoima proposes to its owners a nuclear power plant that, according to the schedule agreed with Rosatom, will produce electricity in 2024.

Based on the proposal, Fennovoima’s 60 Finnish owners each decide by the end of October for their part if they are continuing in the project.

Fennovoima and Rosatom’s target is to sign the contract for supplying Fennovoima’s Hanhikivi 1 power plant unit at the end of the year. Simultaneously the companies will agree upon the detailed project schedule, financing arrangements, and Rosatom’s 34 per cent ownership.

The reactor Rosatom proposes for Pyhäjoki is the pressurized water reactor AES-2006, the latest evolution in a long line of VVER plant designs. It corresponds with IAEA and EUR requirements, and it will be adapted to be in accordance with Finnish national safety standards. In Finland, two VVER-440 plant units have been used safely in Loviisa for decades. Currently there are orders to construct AES-2006 abroad and Rosatom is building AES-2006 units in Russia, too.

Stable support around site area

Fennovoima’s nuclear power plant unit is to be built in Pyhäjoki, located in Northern Ostrobothnia. The site was chosen in 2011 based on years of studies. Since 2008 Fennovoima has conducted opinion polls in and around Pyhäjoki. In addition to support numbers, the polls are also used for finding out e.g. what kind of information regarding the project the people living in the area are looking for.

According to the results, the support for the project has continuously been good and stable. The latest poll was done in August and shows that in Pyhäjoki 67 per cent and in the area 65 per cent of the people are in favor of the project.

For more information:

Chairman of the Board of Fennovoima, Voimaosakeyhtiö SF CEO Pekka Ottavainen, tel. +358 20 757 9247
Fennovoima CEO Juha Nurmi, tel. +358 020 757 9214
Rusatom Overseas' Project Manager, Marketing and Business Development Dmitry Mashkin, tel. +7 916 635 3262

 

Materials from Fennovoima website:

Owners
Rosatom’s AES-2006 plant
More information on opinion polls or polls as graphs
Material bank